Kathmandu. As non-life insurance companies grew their business by nearly 27 percent in the first ten months of the current fiscal year, the market share of three of the four major companies declined.
According to the data published by the Insurance Board, 20 non-life insurers have collected a total premium of Rs 31.10 billion by Baisakh end. It is an increase of Rs. 6 billion 577.1 million as compared to Baisakh end of last Fiscal Year 2077/78.
Shikhar Insurance (13.24 per cent), NECO Insurance (8.32 per cent), Sagarmatha Insurance (7.74 per cent) and Siddhartha Insurance (6.65 per cent) accounted for 35.95 per cent of the total non-life insurance premium income of current fiscal year’s first ten months.
As of Baisakh end of last FY, these four companies accounted for 37.53 percent of the total non-life insurance premium income. As the total market share of these four companies was limited to 35.95 percent by Baisakh end this year. The business of the remaining three non-life insurers has declined even though Shikhar Insurance has improved its business.
Shikhar Insurance has increased its market share by 0.29 percent from 12.96 percent to 13.24 percent of the total market share as compared to last fiscal year. However, NECO Insurance lost 0.17 percent, Sagarmatha Insurance lost 0.71 percent and Siddhartha Insurance lost 0.99 percent of their market share.